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I am not pressing the panic button, and I don't think the Greek people are, though the politicians (of all stripes may be), but I do worry for Portugal. Portugal needs to be protected because of its banking structure and the fact that its bank have lent so much to the periphery, and likewise, the periphery (esp. Spain) has lent so much to Portugal. Greece is an outlier because it did not have much private debt, and it was mainly an issue of public debt, and that debt came through France and Germany, which meant the big boys could wield enough violence to make the euro taxpayers fall in line, capitalize the German and French banks, almost without awareness of what was going on. With Portugal, they simply cannot sacrifice it, because the media in the big countries would quickly point out the relationship with Spanish banks. Portugal must be protected t all costs. If Greece was the scapegoat, then Portugal is the lynchpin. There is no eurozone without Portugal.
by Upstate NY on Sun Jun 28th, 2015 at 07:39:26 PM EST
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